- The Dow, S&P 500, and Nasdaq were all up more than 1% on Monday, Feb. 13.
- The positive start to the week came amid optimism about upcoming inflation data.
- Tech stocks helped power the advance, with Microsoft (MSFT) up 3%.
U.S. equities started the week off with solid gains on optimism that Tuesday's Consumer Price Index (CPI) will show that headline inflation continued to retreat last month. The Dow, S&P 500, and Nasdaq were all up more than 1%.
Tech stocks powered the move higher. Microsoft (MSFT) led the Dow as its shares rose 3%, while Intel (INTC) and Salesforce (CRM) shares picked up 2%. Shares of Apple (AAPL), Cisco Systems (CSCO), and IBM (IBM) added 1%. Shares of Amazon (AMZN) gained, and Meta Platforms (META) shares climbed on a report the parent of Facebook, Instagram, and WhatsApp is planning more layoffs.
Travel-related stocks advanced. Shares of cruise lines Norwegian Cruise Line Holdings (NCLH), Carnival Corporation (CCL), and Royal Caribbean Group (RCL) climbed. Hotel shares increased. Shares of booking sites Booking Holdings (BKNG) and Expedia Group (EXPE) were up. Medical products and services distributor Henry Schein (HSIC) announced a $400 million stock buyback, and shares gained.
Payment Services Stocks Sink
Fidelity National Information Services (FIS) was the worst-performing stock in the S&P 500 after the payment services firm announced plans to spin off its merchant business and predicted full-year earnings that were below analysts' forecasts. Shares of rivals Global Payments (GPN) and PayPal Holdings (PYPL) lost ground as well. CF Industries Holdings (CF) shares tumbled on an analyst downgrade. Chevron (CVX) and The Walt Disney Company (DIS) were the only stocks in the Dow to decline.
Oil futures sank 0.5% on a report the Biden administration will sell more crude from the Strategic Petroleum Reserve. Gold prices also dipped 0.5%. The yield on the 10-year Treasury note dropped. The U.S. dollar rose against the euro and yen but fell versus the pound. Major cryptocurrencies traded in negative territory.